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Written by Anna J. Park
A new cryptocurrency scam is rampant in the country, and financial authorities are urging investors to continue to be wary of fraudulent activities related to coin investments.
In the latest scam, crypto fraudsters defraud would-be investors of their funds under the pretext of offering well-known coins listed on major crypto exchanges at below-market prices. There is.
Such incidents have recently proliferated as global crypto markets are excited over the U.S. Securities and Exchange Commission’s (SEC) landmark approval of Bitcoin exchange-traded funds (ETFs) earlier this month. South Korean financial authorities have also recently begun considering whether to follow suit and approve such Bitcoin ETF products here.
After the determination of the turning point, the price of Bitcoin has shown fairly stable movements. The positive impact of ETF approval had already been factored into prices over the past few months, when several large U.S.-based asset managers were in the process of applying. Over the past six months, the price of Bitcoin has increased by more than 46%, reaching 56 million won (approximately $42,585) in South Korea. The rate of increase over the past year has exceeded 117.7%.
Against this backdrop, the Financial Supervisory Service (FSS) issued a consumer alert on Sunday, warning the public about investment fraud related to digital assets.
The state-run financial watchdog also revealed details of various fraud cases reported to it to raise public awareness.
In one such case, an individual was sold by a company through a social media platform a coin with a large market capitalization listed on a major exchange in the country at a level of approximately 30% of the current market price. This indicates that the company has been approached by In order to justify offering the coins at a low price, the company told individuals they needed to present forged payment guarantee documents and set a lock-up period for their coins.
Other cases show scammers selling fake coins with similar names to well-known coins but using different networks.
The FSS stressed that it is essential to be wary of proposals to sell major digital assets at low prices without clear reasons.
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